Walgreen signs accounting services contract

Deerfield, Ill. Walgreen Co. said Wednesday it signed a 10-year accounting services contract with Genpact for undisclosed financial terms.

Genpact, a former unit of General Electric, outsources business process services.

Under the deal, Genpact will assume several accounting services for Walgreens. Genpact agreed to buy Walgreens' Danville, Ill., facility and maintain or boost employment. Also, about 500 employees at the facility will become Genpact employees within the next four months, while the remainder will remain with Walgreens.

Walgreens is currently reviewing the potential effect on an additional 300 jobs at the Danville facility, along with reviewing options for accounting work in Deerfield, Ill., surrounding areas and nine smaller locations throughout the United States.